February 20, 2019

When Corporate Philanthropy Is More Than Just Giving Money

The Cape Wine Auction is regarded as the most significant international wine charity auction ever conceived in South Africa – uniting the industry around a single goal of raising money for education.

The Cape Wine Auction (CWA) has, in only five years of existence, created a benchmark in philanthropy, raising over R71 million. All proceeds raised at the auction go to 22 carefully selected beneficiaries who make a profound impact on the education and lives of children in the Cape Winelands.

Once again, Nedbank Private Wealth is sponsoring the main event of The Cape Wine Auction (CWA) which this year takes place on Saturday, March 2, at Buitenverwachting in Constantia, Cape Town.

Nedbank Private Wealth’s Head of Philanthropy, Noxolo Hlongwane, explains why the bank became involved with the auction back in 2017: “The Cape Wine Auction donations enable the comprehensive and holistic support for education which aligns with Nedbank’s focus on investing in young people.”

“What originally attracted us is the fact that 100% of the money raised each year is used to fund beneficiary organisations which provide a range of quality educational services. More importantly, the auction works with many of the same beneficiaries each year so there are tangible results. Thanks to the Cape Wine Auction Trust and its annual workshops, these beneficiaries work in collaboration – as a community – to bring about measurable change.”

The fourth annual beneficiary workshop took place in August last year where the beneficiary organisations shared their successes and challenges and were inspired to achieve even greater impact over the funding cycle. The 2018 stats were impressive. These were just some of them:

  • 6 634 learners had access to digital learning, working on computers to improve literacy and numeracy. Some even learnt to code.
  • 5 968 children were fed every school day. A total of 325 000 meals were served by The Lunchbox Fund alone.
  • 2 308 learners attended after-school programmes where they were assisted with homework, had access to sport and games, received a nutritious meal and learnt valuable life skills.
  • 495 learners received psycho-social support during 3 713 counselling sessions.
  • Staff development and training were offered to 131 teachers, teacher assistants and principals.

Hlongwane explains that the bank’s partnership with the CWA goes beyond financial support.

“We also extend an invitation to our clients to provide them with a platform to be able to give, in line with our philosophy to strengthen and grow the sector. International trends in wealth management show that sustainability and values matter. The trend is especially pertinent in South Africa, where inequality levels are extreme,” she says.

“There is a shift taking place in the wealth management industry: investors, especially millennials, are increasingly concerned about the extent to which their wealth is contributing to a positive social impact and global sustainability, instead of only chasing the highest returns.

“In 2018, a new analysis by the World Bank confirmed that South Africa is the world’s most unequal country, and the gap continues to widen. This extreme inequality prevents us from achieving much-needed economic growth. The young, upcoming, wealthy South Africans of today know that if the rich just get richer, without contributing to a more just and equal society, social problems multiply, and you just have to live behind higher walls. They have seen the impact of this first-hand and know that a more equal distribution of wealth can trigger a virtuous cycle of growth, employment, and investment.

She continues: “For South Africans looking for a wealth management partner that can help realise both their financial and altruistic goals, Nedbank Private Wealth is well positioned. Firstly, we are part of the Nedbank Group, which has evolved its traditional green focus into defining its purpose as ‘using our financial expertise to do good for individuals, families, businesses and society’. Nedbank integrates sustainability across the full breadth of its business activities. This includes product development and innovation that focuses on identifying and capturing finance opportunities that can deliver positive and deliberate economic, social and environmental impact.”

As a financial services institution that helps its clients to grow their wealth, plan for their retirement, protect their hard-earned capital or generate an optimal income from it, Nedbank Private Wealth also has a dedicated philanthropy division. This division provides specialist advice and services to its customers who are passionate about sustainable giving, private and corporate foundations, and non-profit organisations, with over R8 billion in assets under management. This division also supports initiatives that enable sustainable giving and makes a tangible impact.